EURCHF Penetrated $1.116 Level, Targeting $1.108

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EURCHF Price Analysis – June 19

EURCHF price has penetrated the support level of $1.116, the downtrend may continue and it may reach the support level of $1.103.

EUR/CHF Market

Key levels:

Resistance levels: $1.116, $1.126, $1.134
Support levels: $1.110, $1.103, $1.095

 

EURCHF Long-term trend: Bearish

EURCHF is bearish on the long-term outlook. On June 12 a bearish reversal candle pattern called Evening star was produced at $1.126 zone. This served as a signal to the EURCHF market the arrival of the Bears. The price declined towards the previous low of $1.116. Today, a big massive bearish candle formed and penetrates the former demand level of $1.116 downside. The price is currently exposed to the support level of $1.108.

EURCHF Daily chart, June 19
The currency pair is moving farther away from the two EMA which implies that bearish momentum is increasing. EURCHF price is trading under the 21 period EMA and 50 periods EMA, which indicate that the Bears are in control of the EURCHF market. Meanwhile, the Stochastic Oscillator period 14 is at 30 levels with the signal lines bending down to indicates sell signal.

EURCHF price has penetrated the support level of $1.116, the downtrend may continue and it may reach the support level of $1.103.

 

EURCHF medium-term Trend: Bearish

EURCHF is bearish on the medium-term outlook. EURCHF price was topped at $1.126 on June 12. The tweezer top candle pattern formed at the same level and the price reversed. The dynamic support and resistance level was penetrated downside. The bearish momentum extended to the support level of $1.116, the level was broke down and the price faced $1.110 level.

EURCHF 4-hour chart, June 19
EURCHF is trading under the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is below $25 level and the signal lines pointing down to indicate sell signal.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.